Main Article Content
Abstract
Cashless economy is an economic system where the cash flow is low and transactions are made through electronic media. Introduction of cashless economy is felt as modernization of payment system. Many countries adopt cashless transaction system to attract foreign investors to the country and to reduce cash related corruption. Cashless transactions like electronic banking makes banking services easier by bringing services closer to its customers. This research paper explains the paradigm shift to cashless transaction in India. Besides, the study examines the types of cashless modes and payments, importance, benefits and also the research highlights the challenges of cashless policy in India are explained.